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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
May 31, 2022
May 31, 2021
Cash flows from operating activities:    
Net income $ 344,927 $ 240,415
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in income of unconsolidated joint ventures (19,668) (13,191)
Distributions of earnings from unconsolidated joint ventures 9,295 11,981
Amortization of debt issuance costs and premiums 1,137 1,296
Depreciation and amortization 15,534 14,496
Deferred income taxes 11,500 31,700
Stock-based compensation 15,888 13,654
Inventory impairments and land option contract abandonments 907 4,521
Changes in assets and liabilities:    
Receivables (11,112) 1,682
Inventories (764,225) (379,923)
Accounts payable, accrued expenses and other liabilities 84,259 44,847
Other, net (3,254) 10,455
Net cash used in operating activities (314,812) (18,067)
Cash flows from investing activities:    
Contributions to unconsolidated joint ventures (16,376) (6,300)
Return of investments in unconsolidated joint ventures 1,255 2,518
Purchases of property and equipment, net (22,122) (18,286)
Net cash used in investing activities (37,243) (22,068)
Cash flows from financing activities:    
Borrowings under revolving credit facility 1,075,000 0
Repayments under revolving credit facility (675,000) 0
Issuance costs for unsecured revolving credit facility (3,805) 0
Payments on mortgages and land contracts due to land sellers and other loans (400) (600)
Issuance of common stock under employee stock plans 0 3,506
Stock repurchases (50,000) 0
Tax payments associated with stock-based compensation awards (12,153) (8,456)
Payments of cash dividends (27,142) (27,797)
Net cash provided by (used in) financing activities 306,500 (33,347)
Net decrease in cash and cash equivalents (45,555) (73,482)
Cash and cash equivalents at beginning of period 292,136 682,529
Cash and cash equivalents at end of period $ 246,581 $ 609,047